I have a 2003 Ranger 4.0 L Drove my truck the other day and the O/D light started flashing and when I stopped to back up no reverse and then when I put it in drive would not move put in 2nd and then in drive it moved while driving it rev to about 3000 rpm took my foot off the gas and it dropped down was working fine the day before. Any ideas what is wrong and how much it might cost to fix it.

 

OD light flashes when there is a problem in transmission, and there should be transmission codes you can read from the OBD2 port with a reader, P0700-P0799 code range

The codes "may" give you a clue to the problem

You have a 5R55E transmission, but same as 5R44E and 4R55E/4R44E models, so you can google your symptoms

There won't be 1 "fix", or 1 "this is the problem"
Automatic have many interacting parts, much more complicated than the engine to diagnose

"It worked fine yesterday", doesn't really help, if you had some issues prior they might help diagnose

I would first drop the pan and have a look at any debris in the pan and filter, metal bits means most likely a sprag(one-way clutch) issue so transmission must come out

If its clean then replace valve body and solenoids and use a Bonded separator plate, this can be done without removing transmission
Also use a Shift Kit, not that much more
If that doesn't fix it then trans will need to come out for rebuild, but you will already have the new valve body for that

 

I had no prior issues to this happening but it was -40 out when it started.

 

As stated, there'll be no diagnosis without codes and some visual inspection.
How many miles on the unit?
-40º (the easy one to convert) is all the excuse many-a-part needs to fail.
An old O ring -or other gasket- finally cracks away. An embrittled spring breaks.

 

I'm having similar issues. I have a 3.0 with the 4r44e. Mine will shift and drive fine as long as my overdrive button is off. If overdrive button is on it barely moves, just revs the engine. But reverse doesnt work either way. I'm not sure what's going on.

 

Welcome to the forum

A transmission shop also wouldn't know whats going on, just from description of problems
Too many things need to happen correctly for an automatic to work correctly
So diagnoses needs more info, like pressure readings in certain gear selections

One thing common to all automatics is, Reverse needs the highest internal pressure to engage, 175psi, forward gears need 125psi
This is why Reverse is the first to go when there is an internal issue, it usually involves system internal leaks so pressure drops and so there goes Reverse